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Greece to Vote EU Legislation Designed to Prevent Bank Failures

Greece_banksGreece is expected to adopt the European Union’s Bank Recovery and Resolution Directive (BRRD) in another set of legislation to be voted in parliament on Wednesday. The legislation to be voted is required by the country’s international creditors to start talks for a three-year multi-billion euro bailout package.

The BRRD is considered a very important directive for banks and mainly for corporate and private deposits. It is already in force in EU Member States since January 2015 and provides support to failed banks through a “resolution” process.

The EU directive essentially paves the way for the application of the “bail in” process, which imposes losses on shareholders and bondholders, before private deposits (of over 100,000 euros) can be tapped in a bank rescue.

According to the directive, depositors with savings under 100,000 euros remain fully protected from any loss.

For frequently asked questions on the EU Bank Recovery and Resolution Directive (BRRD), press here.

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